U.S. equity futures are trading higher early Thursday morning with major indexes trading near all-time highs as investors are parsing signals about the path of the economy and the intentions of the Federal Reserve as they consider how much more of a rally may be in store.Fresh data on inflation will come on Friday with the release of the Federal Reserve’s preferred gauge. It will cover May, when the consumer price index saw year-over-year inflation of 5%.

U.S. futures were higher after a bipartisan group of U.S. senators proposed a pared-down plan for $559 billion in new infrastructure spending that could open the door to President Joe Biden’s more sweeping $4 trillion proposals.Biden invited members of the group to the White House on Thursday to discuss the $953 billion infrastructure plan as a reported breakthrough had been reached in a bipartisan infrastructure framework.

Markets have calmed notably since the Federal Reserve surprised investors last week by saying it could start raising short-term interest rates by late 2023, earlier than expected, if recent high inflation persists.

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